Crude oil prices need confirmation signal – Analysis - 27-03-2023

Crude oil price ended last Friday with clear positivity to settle above 68.10 level, to hint the attempt to recover again and return to the correctional bullish track, but we notice that the technical indicators provide negative signals that hinder the mission to achieve more gains.

Therefore, we prefer to stay aside until we get clearer signal for the next trend, through breaking 68.10 support or breaching 70.55 resistance, noting that breaking the mentioned support will press on the price to resume the main bearish trend and head towards 66.20 followed by 64.20 levels as main negative targets, while breaching the resistance represents the key to return to the correctional bullish track and achieve gains that start by testing 72.50 areas.

The expected trading range for today is between 67.30 support and 70.80 resistance.

The expected trend for today: Neutral